Singaporean Blockchain company Bluzelle has reportedly announced that they have recieved $1.5 million in funding in Series A round.

The funding will be invested to assist the creation of a decentralized, on-demand, scalable database service, as cryptocoinnews.com reported recently.

Bluzelle is serving the needs of software developers who are dissatisfied with the costs, limited scalability, and complexity of existing database systems, as they stated. In comparison to existing offerings like Storj and Filecoin, Bluzelle uses data decentralization services that replace existing database systems, as they pointed out.

“Bluzelle’s team is comprised of media and technology professionals who have worked with the biggest companies in the world, including Google, IBM, HSBC, Disney, Microsoft and more.”, according to the company.

“Our engineering team is experienced in Machine Learning, AI, Cognitive Science, Blockchain, Fintech and Cybersecurity.”, Bluzelle wrote on their officiall website.

The CEO and co-founder of Bluzelle, Pavel Bains, thinks that blockchain technology is a part of the ecosystem that can bring the next generation of the internet.

“What Oracle provides for the current internet, we provide for the New Internet.”, as Bains commented in an interview with cryptocoinnews.com.

“By 2020, there will be over 20 billion devices sending data to reach other – and that data will have to be stored securely, with high performance and low cost. In the blockchain powered New Internet, everything from applications to back-end platforms to data storage will be decentralized.”, he added as quoted by the publication.

The new funding round was led by venture capital companies Global Brain, LUN Partners Capital and True Global Ventures, as the online media wrote.

The Singaporean start-up is also launching an initial coin offering (ICO) of its ‘Bluzelle tokens’ in late Octomber. Tokens can also be earned by the community of operators, or “farmers” who provide the hardware resources for data storage, as cryptocoinnews.com reported.